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Annica Holdings incorporates new unit in Brunei

CATALIST-LISTED Annica Holdings has incorporated a new unit in Brunei through its wholly-owned subsidiary PJ Services (PJS).

On Saturday, the investment holding company, which has subsidiaries operating mainly in Singapore, Malaysia, Indonesia, Thailand, and Vietnam, said that Panah Jaya Makmur Sdn Bhd was incorporated on Aug 18.

The issued and paid-up share capital is B$1,000 (S$1,260), comprising of 1,000 ordinary shares at B$1 each. 

The shareholding held by PJS is 600 shares, representing 60 per cent of the total issued and paid up share capital of Panah Jaya Makmur, whose principal activities is in trading of oilfield equipment and related products.

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The remaining 40 per cent of the total issued and paid up share capital of the new subsidiary is owned by Wong Khuan Teck, who will be jointly responsible for the management and strategic development of Panah Jaya Makmur.

The company said that the new subsidiary will act as the local arm of PJS for the supply and installation of products such as pipeline repair and maintenance products, and pipeline isolation tools. It will also cater to clients in Brunei.

The incorporation of Panah Jaya Makmur was funded through internal resources and is not expected to have any significant effect on the consolidated net tangible assets and earnings per share of the company and the group for the current financial year ending Dec 31, 2018.

Annica last closed at S$0.001 on Aug 13.